Russian Energy Ministry: Europe has no alternatives to Russian gas

There are no alternatives for the Russian pipeline gas on the European market, Russian Deputy Energy Minister Anatoly Yanovsky said, adding that other suppliers cannot offer such low prices.

"Neither the Americans, nor the Qataris, nor the Norwegians, nor Africans can supply such volumes for a low price like that," TASS cited the deputy minister as saying.

Yanovsky considers it necessary for Russia to let its European partners have a try to agree with other suppliers. "They will eventually turn to us all the same, no one wants to spend cash," he said, adding that foregone volumes of gas exports to Europe will not be critical for Russia if the European Union attempts to work with other suppliers.

"Speaking about the structure of our revenues, exports of the fuel and energy complex amounts to around 60%, with gas totaling around 12%. It appears that the decrease of supplies of those 10-20 bln cubic meters will not have a decisive influence on the country’s economy," Yanovsky explained.

Poland's PGNiG signed a 20-year contract with the US’ Venture Global LNG on supplies of 2 mln tonnes of liquefied natural gas per year to Poland on a ‘free on board’ formula.